Islamabad, 4 October 2023 (TDI): Pakistan’s Prime Minister, Anwar-ul-Haq Kakar chaired the 6th meeting of the Apex Committee of the Special Investment Facilitation Council (SFIC), on October 4.
The meeting was convened to evaluate various projects being led through the SIFC forum. The Ministries informed the conference of the concrete actions done over the last month to enhance the business and investment environment in the nation.
The Committee also looked at significant macroeconomic concerns that have an impact on the investment climate, such as the exorbitantly long delays in restructuring or privatizing cash-strapped State Owned Enterprises (SOEs).
The Committee also unanimously decided to expedite the privatization process in order to lessen repeated losses to the national exchequer, which is in the best interests of the country overall.
The Committee expressed general satisfaction with the talks now taking place with local and foreign investors to realize a variety of investment potential.
The Prime Minister commended several Ministries and departments for their hard work and instructed them to keep using the “Whole of the Government” strategy to address Pakistan’s economic problems.
Privatization of State-Owned Enterprises (SOE’s)
To assist in cutting losses to the national exchequer, Pakistan’s top investment agency said that it has “resolved with consensus” to expedite the privatization of state-owned businesses (SOEs).
On September 21, Pakistan’s caretaker government also announced the privatization of 10 cash-strapped SOEs.
As part of the budgetary discipline plans negotiated with the International Monetary Fund (IMF) under a $3 billion rescue programme earlier this year, Pakistan’s flag carrier, Pakistan International Airlines, will undergo privatization.
The Finance Ministry said this month that the cumulative losses for SOEs as of 2020 were 500 billion rupees ($1.74 billion).
In an effort to build foreign exchange reserves for its faltering economy, Islamabad began the outsourcing of operations and land assets at three major airports in March.
Also Read: Pakistan’s SIFC briefing focuses on Foreign Investment Promotion
In its budget for the fiscal year 2024, the government has only allocated around 15 billion Pakistani rupees ($52.42 million) in proceeds from a delayed privatization process.
General Asim Munir, the Chief of the Army Staff, cabinet members, province Chief Ministers, and other high-ranking government representatives attended the conference to examine various efforts being led by the SIFC forum.
The Army Chief assured the meeting of the army’s unflinching resolve to support the government’s endeavors for a sustainable path towards economic recovery.
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